China Generator Sets Market Size Growth Analysis By Revenue,...| MENAFN.COM

Friday, 09 December 2022 08:06 GMT

China Generator Sets Market Size Growth Analysis By Revenue, Size, Share, Scenario On Latest Trends & Types, Applications To Forecast 2022-2031


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The China generator sets market is expected to rise at a CAGR of more than 2.2% during the forecast period. Factors such as lack of reliable grid infrastructure and the need for emergency backup power solutions in remote and rural areas are likely going to drive the China generator sets market. However, increasing the installation of renewable energy sources such as solar and wind to provide cleaner power supply is expected to restrain the China generator sets market.

– Diesel based generator sets due to their fuel efficiency and low cost of maintenance than gas and other fuel-based generator sets get more attention from manufacturers and consumers. Thus, they are expected to be the largest segment and are likely to dominate the China generator sets market during the forecast period.
– New technology, such as the increasing popularity of hybrid generator sets, can use batteries, renewable energy, or grid power as a primary source of energy. This is expected to create several opportunities for China's generator sets market in the future.
– The rapid growth in the industrial sector, which requires generator sets for various purposes such as primary power and backup power supply, is likely going to drive the China generator sets market during the forecast period.

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Key Market Trends

Diesel Segment Expected to Dominate the Market

– Generator set, also known as genset is a piece of portable equipment, consisting of an engine and a generator, used to provide energy. Gensets are usually used in developing areas and other areas not connected to the power grid, where power outages are frequent, and where an outage can cause especially significant or dangerous problems, such as deep in a mine or hospitals. They can serve as the primary source of energy or as a supplementary power source, perhaps during peak usage hours
– Diesel based gensets use diesel as a fuel for converting chemical energy to mechanical energy and then to electrical energy. Factors such as high-efficiency work output and top fuel energy density make it more cost-effective than the gas and other fuel-based generator sets, and likely going to drive the diesel-based generator sets segment.
– The internal need for infrastructure projects in China has been the largest in the world and the country's requirement for infrastructure. Backing the above, in 2020, several numbers of people got affected by COVID-19. Due to such a sharp r raise in the number of people that require intensive care, the government built several hospitals to treat the affected ones. The infrastructures of the hospitals were built using generator sets as a primary energy source or as a backup power source for 24 hours of energy supply.
– In February 2020, three KTA19-G8 gensets were delivered to a COVID-19 designated hospital in Ningxia Hui, China, to provide standby/backup power to ensure a smooth flow of operations without any disturbance. The gensets were co-manufactured by Chongqing Cummins Engine Company and one of its original equipment manufacturing partners.
– In 2018, Rolls-Royce signed a contract to modernize rod control system equipment in 14 of CGN's CPR1000 nuclear power units in China. It was the first contract of its kind for Rolls-Royce in China signed with CGN subsidiary, Suzhou Nuclear Power Research Institute (SNPI). As by 2018, Rolls-Royce supplied safety-critical instrumentation and controls technology to more than 70% of nuclear reactors in operation or under construction in the country, as well as emergency diesel generator sets to almost 40% of Chinese units.
– Hence, owing to the above points, the diesel-based generator sets are likely going to dominate the china generator sets market during the forecast period.

Growing Industrialization Expected to Drive the Market

– China has the largest population, because of which there is a constant increase in the energy demand that requires an increasing number of industrial operations in the country and is expected to drive the generator sets market in the country. The continually growing demand for uninterrupted power supply in the country is also expected to drive the generator sets market in the country.
– The country's gas production industry is booming at a reasonable rate, which is likely going to drive the generator sets market in the country. The gas sector is one of the sectors where generator sets are used in an extensive amount to provide power to the site of gas production because of the remote areas in which wells are located. In 2018, China produced 161.5 billion cubic metre (bcm) of natural gas, which was higher than what was produced in 2017, 149.2 billion cubic metre (bcm).
– Moreover, steel production in China accounts for 50% of global steel production, which makes it a massive market for diesel generators. The steel industry is exceptionally energy-intensive, and its operations are highly dependent on power generated from diesel generator sets during the power outages.
– The generator sets are used for generating electricity, and in 2018 the total electricity generated in the country was 7111.8 terawatt-hours (TWh), which was higher than what country produced in 2017, 6604.5 terawatt-hours (TWh). Still increasing electricity generation cannot match the country's energy demand; there are still several electricity cuts in the country. This gap between demand and supply of energy is expected to drive the generator sets market in the country.
– As of 2019, China had 45 operational nuclear power reactors and 12 under construction or in the development phase. Due to the excessive use of coal-fired power plants and the pollution it causes, China government has a long term target to use more of closed-cycle nuclear power to satisfy its energy demand. These nuclear power plants are expected to use generator sets in case of a power outage or emergency.
– Hence, due to the above points, growing industrialization is expected to drive the China generator set market during the forecast period.

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Competitive Landscape

The China generator sets market is fragmented. Some of the key players in this market include Weihai Holding Group Co.,Ltd., Caterpillar Inc., Cummins Inc., Atlas Copco AB, and Generac Holdings Inc.

1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis

5 MARKET SEGMENTATION

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